Airspan Sharpens Focus on 4G/5G Open RAN and Private Networks; Reports Preliminary 2022 Results
March 09 2023 - 6:30AM
Business Wire
In conjunction with the announced signing of an agreement to
divest its subsidiary Mimosa Networks, Inc. (“Mimosa”), Airspan
Networks Holdings Inc. (NYSE American: MIMO) (“Airspan” or the
“Company”) is announcing unaudited revenue for FY22 and 4Q22 of
$167.3 million and $41.7 million as well as FY22 Gross Profit of
$66.4 million (39.7% gross margin) and 4Q22 Gross Profit of $19.2
million (46.1% gross margin). Mimosa revenues for 2022 were
approximately $25 million.
With the pending divestment of the company’s Mimosa subsidiary,
Airspan has sharpened its focus as a pure-play in 4G/5G Open RAN
and private networks. As such, the Company’s Board of Directors is
exploring several strategic directions and has approved the
appointment of PJT Partners to pursue various options to optimize
shareholder value.
Cautionary Statement Regarding Unaudited Results And
Forward-Looking Statements
The unaudited results contained within this release are
preliminary and represent the most current information available to
the Company’s management, as financial closing procedures are not
yet complete. Actual results may differ from these estimates as a
result of the completion of normal year-end accounting procedures
and adjustments, including the execution of the Company’s internal
control over financial reporting, the completion of the preparation
and review of the Company’s financial statements for the year ended
December 31, 2022 and the subsequent occurrence or identification
of events prior to the formal issuance of financial results.
Airspan intends to file the Annual 2022 10-K in a timely fashion,
which will contain audited financials and management discussion for
the year.
This news release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, statements
about future financial and operating results, Airspan’s plans,
objectives, expectations and intentions with respect to future
operations, products and services. Any such forward-looking
statements are based upon the current beliefs and expectations of
Airspan’s management and are inherently subject to significant
business, economic and competitive uncertainties and contingencies,
many of which are difficult to predict and generally beyond
Airspan’s control.
Actual results, performance or achievements may differ
materially, and potentially adversely, from any forward-looking
statements and the assumptions on which those forward-looking
statements are based. All information set forth herein speaks only
as of the date hereof in the case of information about Airspan or
the date of such information in the case of information from
persons other than Airspan, and Airspan disclaims any intention or
obligation to update any forward-looking statements as a result of
developments occurring after the date of this communication.
About Airspan
Airspan Networks Holdings Inc. (NYSE American: MIMO) is a
U.S.-based provider of groundbreaking, disruptive software and
hardware for 5G networks, and a pioneer in end-to-end Open RAN
solutions that provide interoperability with other vendors. As a
result of innovative technology and significant R&D investments
to build and expand 5G solutions, Airspan believes it is
well-positioned with 5G indoor and outdoor, Open RAN, private
networks for enterprise customers and industrial use applications,
fixed wireless access (FWA), and CBRS solutions to help mobile
network operators of all sizes deploy their networks of the future,
today. With over one million cells shipped to 1,000 customers in
more than 100 countries, Airspan has global scale. For more
information, visit www.airspan.com.
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Airspan Press Contact:
Media Contact: mediarelations@airspan.com
Investor Relations Contact: Brett Scheiner +1 561-893-8660
IR@airspan.com
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